PLL Form 4: Director Disposes Shares as Piedmont Converts to Sayona Shares

Rhea-AI Filing Summary

Insider sale and merger conversion: Jeffrey T. Armstrong, a director of Piedmont Lithium Inc. (PLL), reported a disposition of 50,824 shares of Piedmont common stock on 08/29/2025, after which he reports owning 0 shares. The filing states that Piedmont merged with Merger Sub under a Merger Agreement that converted each share of Piedmont common stock into the right to receive 527 ordinary shares of Sayona Mining Limited.

This Form 4 shows a director-level sale tied to the post-merger ownership structure rather than continued direct Piedmont common stock ownership. The filing does not disclose sale price per share or any derivative holdings.

Positive

• Merger conversion disclosed showing clear exchange ratio of Piedmont common stock to Sayona ordinary shares (1 Piedmont share for 527 Sayona shares)
• Director filed required Section 16 disclosure, indicating regulatory compliance for insider transactions

Negative

• Director reports zero direct ownership of Piedmont common stock following the disposition of 50,824 shares
• No sale price or consideration details provided, limiting transparency on economic terms of the disposition

Insights

Financial Analyst

TL;DR: Director disposed of all reported Piedmont common stock; shares were converted under a merger into Sayona ordinary shares.

The reported disposition of 50,824 Piedmont shares reduces the reporting person’s direct Piedmont common stock stake to zero, while the Merger Agreement converted each Piedmont share into 527 Sayona ordinary shares. This filing does not provide a sale price or indicate whether the disposition was part of the merger consideration exchange or a separate market sale, limiting valuation insight. For investors, the key fact is the conversion mechanism stated in the filing, which changes the economic exposure from Piedmont common stock to Sayona ordinary shares.

Corporate Governance Expert

TL;DR: A director-level reporting person disposed of all directly held Piedmont shares after a merger conversion into Sayona shares.

The Form 4 documents a director’s reported disposal and clarifies that the corporate structure changed via a Merger Agreement converting Piedmont shares into Sayona ordinary shares at a 1:527 ratio. The filing shows compliance with Section 16 reporting but omits details about the nature of the disposal (e.g., whether it was part of merger consideration distribution or a separate transaction), which governance reviewers typically expect for context on insider alignment post-transaction.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Armstrong Jeffrey T.

(Last) (First) (Middle)

C/O PIEDMONT LITHIUM INC.

42 E CATAWBA STREET

(Street)

BELMONT NC 28012

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Piedmont Lithium Inc. [ PLL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.0001	08/29/2025		D(1)		50,824	D	(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Piedmont Lithium Inc. ("Piedmont"), Sayona Mining Limited ("Sayona") and Shock MergeCo Inc. ("Merger Sub") are parties to the Agreement and Plan of Merger, dated as of November 18, 2024 (the "Merger Agreement"), pursuant to which, among other things, Merger Sub was merged with and into Piedmont (the "Merger"). Pursuant to the Merger Agreement, at the effective time of the Merger, each share of common stock of Piedmont was converted into the right to receive 527 ordinary shares of Sayona.

	/s/ Jeffrey T. Armstrong	08/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Jeffrey T. Armstrong report on the Form 4 for PLL?

He reported a disposition of 50,824 Piedmont common shares, resulting in 0 shares beneficially owned following the transaction.

What conversion ratio did the filing disclose for the Piedmont merger?

Each Piedmont common share was converted into the right to receive 527 ordinary shares of Sayona Mining Limited under the Merger Agreement.

Does the Form 4 specify the sale price received for the 50,824 shares?

No. The filing does not disclose any price or cash consideration for the disposed shares.

Is the reported transaction tied to a merger or corporate reorganization?

Yes. The explanation references a Merger Agreement under which Piedmont shares were converted into Sayona ordinary shares.

Does the reporting person still hold derivative securities or indirect ownership per this filing?

No derivative securities or indirect beneficial ownership are reported in Table II or elsewhere in the Form 4.